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U Power Limited (NASDAQ:UCAR) announced on Wednesday that it had signed a memorandum of understanding with Pattaya AI Terminal to jointly drive the strategic development of green logistics and electric vehicle infrastructure in Thailand.
The company expects the joint venture will provide electrified solutions for Thailand’s commercial logistics and dedicated passenger transportation markets by combining Pattaya AI’s advantages in logistical solutions with U Power’s (UCAR) own proprietary battery-swapping technology, the joint venture will provide electrified solutions for Thailand’s commercial logistics and dedicated passenger transportation markets.
U Power (UCAR) anticipates that it will leverage its expertise to provide commercial EVs compatible with its UOTTA technology and deploy battery swapping and charging stations for commercial EVs in key cities and logistics nodes across Thailand. Notably, the joint venture partners parties intend to jointly develop automatic and semi-automatic charging stations compatible with U Power’s (UCAR) vehicles and tailored to the specific needs of the Thai market. During the initial phase of the partnership, U Power (UCAR) will introduce battery swapping technology and compatible EVs. As the partnership matures, U Power (UCAR) intends to locally manufacture battery-swapping commercial vehicles in Thailand.
U Power Limited (UCAR) began operations with a network of approximately 100 wholesalers and 30 small and medium vehicle dealers. In 2020, U Power Limited shifted its focus to the electric vehicle market, specifically targeting battery swapping technology, which they call UOTTA, technology which aims to reduce the time needed for electric vehicles to get back on the road by swapping depleted batteries with charged ones.
Shares of U Power (UCAR) jumped 17.5% in premarket trading.